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Pocket Listings – Are They a Good Way to Sell Your Los Altos Home?

By David Blockhus on 4.1.12 - Please leave a comment.

The Los Altos real estate market is sizzling. Buyers are out in force, multiple offers are the norm rather than the exception and as might be expected, inventory is limited. Given our current strong seller’s market, why would any seller want to limit the amount of exposure (and therefore money) their home would receive by selling as a pocket listing?

If you are thinking of selling your home “off market” as a pocket listing, you should watch the following video.

Los Altos School District to Detail Option For Bullis Charter School Students to Share Space at Egan and Covington

By David Blockhus on 3.19.12 - Please leave a comment.

At tonight’s LASD board meeting, board members will be discussing possible modifications to its facilities offer which include exploring the possibility of sharing Covington Elementary School with Bullis Charter School’s K-6 students. Bullis’ 7-8 grade students would remain at the Egan school site.

The public portion of the meeting will begin at 7:00 p.m. at Egan Junior High (note: not the district office or the Covington multi).

Per LASD website, background on the is below:

On February 1 the district presented a preliminary offer of facilities for 2012-13 to Bullis Charter School. On March 1 the charter school delivered a response to the district’s offer. The district is required by state law to take into account the charter school’s response when making its final offer on or before April 1.

In light of the charter school’s response and objections to the preliminary offer, and the recent Court of Appeals decision, the Board will explore as a possible solution an offer to share a K–6 campus with the charter school’s K–6 students, specifically the Covington campus, and leave the charter school 7th and 8th grade students at the Egan site. Below is a DRAFT example of a shared Covington campus, with portable buildings added to provide enough space for both Covington and BCS students and staff. It is important to note that this is just one of many possible configurations the Board is considering and will be discussing in open session as part of this agenda item. Also below are maps of Egan and Blach showing the placement of classrooms under the district’s preliminary offer.

Click for LASD Board Meeting Agenda 3:19:2012

Click for LASD Press Release over facilities sharing

See below for photos of the proposed site changes:

[Show as slideshow]

[View with PicLens]

Six Effective Strategies to Combat a Low Appraisal

By David Blockhus on 2.9.12 - Please leave a comment.

Low property appraisals can occur in any real estate market. In a rising market, multiple offers can create a final contract price higher than current comparable properties. In a declining market, appraisal values may not come in at value. Both buyer and seller want the home to appraise for the negotiated price, but sometimes it doesn’t. What can a buyer or seller do if a property doesn’t appraise at or above the negotiated purchase price?

1. The buyer can bring in additional cash to make up the difference between appraised value and contract value.

2. The buyer and seller can re-negotiate the contract price down to the appraised value price.

3. The seller can hold true to the purchase contract price and possibly carry a 2nd note for the difference between the appraised value and purchase contract value.

4. The lender could order a second appraisal that might come in at value and/or request to appeal the original appraisal. The appeal could be based on the appraiser using wrong or outdated comparable properties, the appraiser’s lack of knowledge of the community (comparing two homes from different school systems etc.) or the appraiser using incorrect information about the home (i.e. size, age amenities etc).

5. The buyer can kill the loan with the original lender and start fresh with a new loan and subsequently new appraisal. The seller must agree, this will take time and it might not yield different results. If there are questions about a property’s ability to appraise, one might double app with two lenders so you have a back-up in place should the first lender (do to low appraisal) not be able to perform.

6. Both parties can agree to cancel the transaction.

Since 1994, I have seen almost all of these strategies in reaction to a low appraisal value used. Renegotiating the purchase price and/or having the buyer bring in more cash seem to be most frequently used strategy for keeping the deal together. However, it really depends on the buyer, seller and real estate agents having a meeting of the mind to make it work.

Should you have questions about buying or selling a home, please call or text me directly at 650 465-0755.

25893 West Fremont Road, A Stunning Contemporary Home in Los Altos Hills

By David Blockhus on 2.8.12 - Please leave a comment.

A home came up on last Friday’s Los Altos Hills Broker tour that is one of the finest estates that I have ever toured. The Address is 25893 West Fremont Road. It is listed at $12,750,000. by Tim Anderson of Alain Pinel Realtors.

Why do I love this house? It is very much a visceral feeling and difficult to put into words. But as soon as I walked up the driveway and saw the home, I just knew it was something special.

To me, it is a soothing blend of architectural styles, modern and contemporary yet with touches of Prairie Style’s use of horizontal lines and open spaces. It has clean lines, flowing interiors spaces and beautiful details that are confirmation that one can build a substantial home, but it need not look ostentatious. It doesn’t dominate its space, but rather blends nicely, almost snugly, on its 1-acre parcel.

The inside spaces are nicely proportioned, tasteful and beautiful. Within this 11,425+- square foot home consists a total of 5 bedroom suites, 3 half baths, beautifully appointed gourmet kitchen, intimate living room, elegant dining room, family room, multiple offices, luxurious master suite, home theater, fitness center, elevator, an outstanding lower level wine cellar and tasting room and two garages that can house up to 6 automobiles.

The large retractable ground level doors bring the outdoors in. Enjoy the beautiful swimming pool and spa, kick a soccer ball around on the large grass area, relax in a hammock, or a play a little beach volleyball. The backyard has it all.

Not only is the home beautiful, it is a GREEN certified Smart home that features geothermal radiant heating, multiple zone A/C, and a Crestron home automation system that controls heating, light, security, video and sound.

The home was built by Custom Dreams Construction Group in Los Altos. For pictures detailing the home’s construction click 25893 West Fremont Road Construction.

If you are interested in buying or selling a dream estate, please call or text me directly at 650 465-0755.

What Are The Three Coolest Contemporary Homes in Los Altos and Los Altos Hills?

By David Blockhus on 12.19.11 - 2 Comments »

If you are a fan of contemporary architecture, the use of sustainable materials, or energy-efficient homes and want to live in Los Altos or Los Altos Hills the following listings are something you should take a look at.

27161 Moody Road, Los Altos Hills – This 4 bedroom 3.5 bath home is a visual masterpiece, a piece of art that one can live in. Sitting nicely on a 3-acre wooded lot, this light filled home is impressive. The residence has voluminous (and I mean high) ceilings, over 1500 square feet of deck space and a detached exercise room that could double as a beautiful private retreat. The home appears to be well-built (I haven’t read the property inspection) and uses beautiful materials. Ahhh, tranquility abounds. This home is listed at $4,249,000. by Art Sharif of Sotheby’s International Realty.

11885 Francemont Avenue, Los Altos Hills – This 5 bedroom, 5.5 bath home is listed at $4,995,000 by Alan Dunckel and Derk Brill of Alain Pinel Realtors. This is my favorite of the three properties. Located in a very private setting, this home is an oasis. The interior rooms are spacious but not so large that you feel like you are in an auditorium. The beautiful main hallway doubles as a showcase for large art pieces. There are fabulous covered outdoor entertaining spaces. It’s a great party house!

24580 Ruth Lee Court, Los Altos – Newly constructed on a western facing hillside lot, this home is composed of 5 bedrooms, 4.5 bathrooms. The views from the back of the property are absolutely stunning. To me, this home doesn’t have the wow factor that the other Los Altos Hills homes have. None-the-less, it is stunning. Lastly, I am not a huge fan of reverse floor plans (bedrooms located below the main living spaces) but I can see why the builder did it (to maximize those stunning views). The property is listed at $3,875,000. by Adina Vos of Morgan Lashley Distinctive Properties.

If you wish to view any of these beautifully built homes or want to see what other modern marvels might be available, please call or text me directly at 650 465-0755. Thank you.

A 100 Million Dollar Question

By David Blockhus on 9.7.11 - Please leave a comment.

Back in February 2011, Yuri Milner, a Russian Billionaire, purchased a magnificent estate in Los Altos Hills. It appears that the 100 million dollar sales price was the highest sales price for a single family home in the United States. The following video shows what 100 million dollars could buy in today’s Los Altos Hills real estate market.

The Multiple Listing Service properties mentioned in the video are:

12500 Corbetta Lane, Los Altos Hills. Listed at $17 Million by Steven Ferrari of Ferrari Properties.
12661 Robleda Road, Los Altos Hills. Listed at $10,888,000. by Joan Miller of Alain Pinel Realtors.

Should you have any questions about the value of your home in today’s market or you wish to purchase a home, please call or text me at 650 465-0755.

Los Altos Hills Real Estate Market Update – April 2011

By David Blockhus on 5.4.11 - Please leave a comment.

According to MLS Listings Inc. data there currently are 65 single family homes for sale in Los Altos Hills. There are 55 active listings and 10 properties that are under contract. Three of the active listings are priced above 10 million dollars. Note: one of the active listings is actually an exceptional lot with smaller home on the property. It really is being sold at lot value. There are also a few “off market” estates for sale that are not currently on the MLS, but are being discreetly marketed off-line (One at 28 million, one at just under 27 million, one at just under 8 million, etc).

We’re finally seeing more activity in the Los Altos Hills market. Prices are still trending downward, but sales volume is picking up.

April Sales Activity in Los Altos Hills

Eleven homes closed escrow in Los Altos Hills in April. This is twice the volume of homes that closed escrow in April in Los Altos Hills when compared with homes sold in April in each of the last three years (4/2008 – 6 homes COE, 4/2009 – 6 homes COE, 4/2010 – 6 homes COE). Four properties had multiple offers and sold at or above their asking price.

Click Los Altos Hills Real Estate Market Update – April 2011 for a detailed 24-month history of home sales activity in Los Altos Hills.

Are you curious to know what that Los Altos Hills Estate sold for?

Click on Los Altos Hills Residential Summary Report-April 2011 for details (address, sales price, size etc.) on the 11 properties that closed escrow in April in Los Altos Hills. Note: all data was taken from our local MLS and is deemed accurate but not guaranteed.

If you are looking for a quick and easy way to find your dream estate, click here?

Should you have any questions about the Los Altos Hills real estate market, please contact me directly at 650 917-4250 for a confidential conversation.

Zillow Zestimate Is Slightly Off In Its Valuation Of 13310 La Paloma Road In Los Altos Hills

By David Blockhus on 3.28.11 - Please leave a comment.

There has been a lot of local excitement regarding the recent sale of 13310 La Paloma Road in Los Altos Hills. Although I have not personally viewed this home, it appears to be a phenomenal one-of-a-kind luxury estate worthy of its stratospheric sales price of $100 million. As a resident of Santa Clara County, I want to personally thank Yuri Milner for single-handedly adding significant property tax revenue to Santa Clara County’s coffers.

It had to be a difficult property to price so I thought that I would do what many home sellers do, I went to Zillow to get a Zestimate. Zillow’s Zestimate was $21,604,000., a mere $78.4 million dollars shy of its actual sales price.

To be fair, this property is extremely unusual, making it difficult to price. According to Zillow’s own web site:

“A Zestimate home valuation is Zillow’s estimated market value. It is not an appraisal. Use it as a starting point to determine a home’s value.”

Zillow is a good place to start, but please don’t think a Zestimate should be the actual market value for your home. Your home’s condition, location, upgrades etc. must be included in your home’s valuation. Seek a knowledgeable real estate professional to help you determine the value of your home in today’s real estate market.

FYI – Although 13310 La Paloma Road is the largest single family home to sell in Santa Clara County, there is at least one home that is larger….12335 Stonebrook Drive in Los Altos Hills has been listed on and off the market for the last few years (last listed at $28.5 million). The Seller (per MLS data) indicates that this property is 30,000 square feet (county records shows it at 14,787 sf), making it the largest single family home that I am aware of in Santa Clara County.

Should you have any questions about any of these properties or about the value of you home in today’s market, please contact me directly at 650 917-4250 for a confidential conversation.

Below are Los Altos Hills properties priced at $10 million and above:

Looking For A Bank Owned or Pre-Foreclosure Home In Los Altos, Mountain View, Sunnyvale or Cupertino?

By David Blockhus on 1.24.11 - Please leave a comment.

There continues to be a lot of press about the abundance of pre-foreclosure homes and bank owned properties available for sale. The discussion tends to focus on the “huge supply” of distressed properties that continue to erode housing values. Although it is interesting and may sell more newspapers/magazines, I think that it may be overblown…or at least overblown when it comes to the Los Altos, Los Altos Hills, Cupertino, and Mountain View markets.

Note: parts of Sunnyvale do have a larger than normal inventory of distressed properties

Below is a list of all the active short sale and bank owned listings that are for sale on our local Multiple Listing Service. Click on the links below for details. You can also elect to have these short sale and bank owned properties sent to you via a RSS feed.

Los Altos short sale or bank owned homes for sale:

Los Altos Hills short sale or bank owned homes for sale:

Cupertino short sale or bank owned homes for sale:

Mountain View short sale or banked owned homes for sale:

Sunnyvale short sale or banked owned homes for sale:

Should you have any questions about any of these properties or about the value of you home in today’s market, please contact me directly at 650 917-4250 for a confidential conversation.

The Anatomy of a Los Altos Short Sale Listing

By David Blockhus on 4.27.10 - 1 Comment »

Contrary to public opinion, there are not that many distressed properties exchanging hands in Los Altos and/or Los Altos Hills. According to our local Multiple Listing Service, three short sale properties closed escrow in Los Altos Hills and three in Los Altos within the past year. Currently there are 12 short sale properties on the market and zero bank owned properties for sale.

The life span of a typical short sale listing in Los Altos/Los Altos Hills goes as follows:

The property is originally listed at a price very close to the debt on the property plus the transaction costs and maybe a little profit
The property sits on the market for quite a looong time with no activity
The Seller realizes that they are financially bleeding from every Orifice
The property is re-listed at a below market value in an effort to induce offers
The Seller receives multiple offers which are reviewed and submitted to the bank/investor(s)
Everyone waits to see if a deal can be worked out. Some are, but many aren’t

Below is a graph of short sale properties that are currently or have recently been on the market in Los Altos/Los Altos Hills. I have included the original list price, current approximate debt and list price when the property ratified a purchase offer with the seller.

The actual numbers are below.

Sellers, a home’s value is not based on its loan balance. Price it to the market and try to move on.

If you are thinking of buying a short sale property, check out the amount of debt on it and the number of lenders involved. It may make sense to pass on it if there is too much debt or more than two lenders.

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Los Altos Real Estate and Home Sales